Iraq's Kurdistan has agreed on new deals to borrow $3 billion from trading houses and Russian state oil firm Rosneft that will be guaranteed by future oil sales to strengthen its fiscal position as the semi-autonomous region fights Islamic State.
Dubai Imposes a 5% Import Duty on Gold Jewelry/ET Markets-Ghosal: Dubai has imposed a 5% import duty on gold and diamond jewelry, a move which is likely to hurt Indian exports at a time when demonetization has hit business at home. The war on cash takes another step forward in Dubai. The new levy may, however, boost bridal jewelry sales in India because many Indian shoppers had turned to Dubai owing to the cheaper gold there and the price difference may no longer be attractive enough. Read more here.
Crude oil prices are trying to stabilize as traders and oil companies try to predict when oil production will find equilibrium with demand. There is a wide degree of different thinking on this topic, but I predict it will happen much sooner than people think. We’re faced with massive cap x cuts and plunging rig counts, as well as the inability to get capital to fund oil projects.
Spring is busting out all over, and so is gasoline demand. Low gas prices are causing a buying frenzy at the pump as gasoline demand in the month of March hit an all-time record high. According to the American Petroleum Institute (API) the lowest average price for regular unleaded gasoline in 12 years has Americans guzzling gas like never before.